Is Gary Barnett at it once more?
A Midtown workplace constructing that the Extell principal has been eyeing for his rising assemblage has been hit with a pre-foreclosure go well with filed by a building firm that has beforehand partnered with Barnett.
An entity tied to building firm JT Magen has filed for foreclosures on the 73,000-square-foot constructing at 110 East fifty fifth Avenue, claiming proprietor Parkoff Group defaulted on the mortgage and owes $40.6 million in principal and curiosity.
JT Magen, which just lately teamed up with Extell on a foreclosure in Boston, took over the mortgage from Flagstar Financial institution in March, in accordance with property data. The lender is looking for a foreclosures sale in a lawsuit filed Wednesday in state Supreme Courtroom that was first reported by PincusCo.
The workplace constructing seems to be one of many final remaining items of the massive development project Barnett is stitching collectively on Park Avenue.
Extell earlier this month paid $500 million to purchase the event web site at 405-417 Park Avenue, which is adjoining to the 19-story Parkoff constructing. The corporate additionally purchased air rights from the Central Synagogue for $20 million and has been mentioned to be eyeing extra properties.
The mission has about 527,000 sq. ft of growth as-of-right, which might develop as much as 700,000 sq. ft of rentable workplace area with extra air rights.
Earlier this week, Extell bought an office building on East 56th Avenue two blocks away, fueling hypothesis about Barnett’s broader technique. Barnett can be mentioned to be trying to purchase a constructing at 111 East 54th Avenue, residence to the non-public membership The Brook.
Observers speculated that the developer deliberate to accumulate the constructing and relocate The Brook to the previous Friars Club building at 57 East fifty fifth Avenue, which Extell just lately bought for $19 million in what seemed to be a intelligent and calculated sport of growth chess.
The newest pre-foreclosure go well with might be one other one in all Barnett’s calculated performs. In March, Extell teamed up with lender JT Magen in March to win a $75 million foreclosures public sale for a five-acre growth web site in Boston, the Boston Enterprise Journal reported.
Representatives for Extell, JP Magen and Parkoff Group didn’t instantly reply to requests for remark.
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